You might be completely new to crypto. That’s perfectly fine – blockchain is still a burgeoning technology.
If you want to experience what it’s like to hold crypto, it’s simple to do so.
Most people start off by buying some bitcoin. You don’t have to purchase a whole bitcoin to participate in the market if the price seems too high. You may buy a fraction of a bitcoin for a modest fee.
Please note that this is not a recommendation to purchase bitcoin and if you want to make a large investment, you should see a financial advisor.
How to Buy Crypto with Your Cash
We’ll start with Coinbase, which is one of the most popular places to purchase bitcoin and other cryptocurrencies. We will discuss how to use cash to buy bitcoin.
The first step is to create a Coinbase.com account using the app or website.
Coinbase has long been a popular cryptocurrency exchange. It’s simple to set up an account and get started in a matter of minutes. To join up, just provide your name, email address, and password.
Next, you need to set up a payment option on Coinbase.
Coinbase allows you to add a payment account. You will need to link a bank account or debit card to Coinbase.
Access this option by pressing your name on the top right corner, then “Settings.” From there, click “Payment methods” and then “Add a payment method.” You can link your bank account or debit card here for use as payment. Note that you might have to log into your bank’s website through Plaid, the service that Coinbase uses for account verification, in order to link it.
Hit “Buy/Sell” from the home screen of your account to start buying crypto.
You can select any cryptocurrency available on Coinbase for purchase, but for the purposes of this guide, we are choosing Bitcoin (BTC).
Choose the amount of bitcoin you wish to purchase. At current prices, $10 will buy you approximately 0.00025403 BTC. Next, decide whether you want to pay using your debit card or the bank account you’ve set up. For this guide, we chose to use a Wells Fargo bank account.
Once you are ready, click how much in dollars that you want to buy. If you want to buy an amount outside of the preset dollar amounts on the screen, click “Custom” and enter in your own amount.
Before you purchase, double-check the information.
Be sure you know what you’re getting. Also, keep in mind the Coinbase charges fees on every purchase.
Our transaction of 0.00025403 Bitcoin costs $0.99 in fees, effectively turning our $10 into $9.01 in BTC. The fees may vary depending on how much bitcoin you buy and whether you pay with a debit card or a checking account.
If everything looks good, finish the purchase.
Click “Buy now” to finish the transaction. The purchase will fail if you do not have enough money in your payment accounts or if the price of bitcoin changes heavily as your transaction is validated.
That’s all there is to it when it comes to purchasing bitcoin. It’s simple and fast. Now, you have Bitcoin in your Coinbase account and can do what you want with it.
You may use the “Buy/sell” option to sell your bitcoin for cash and put it back into your bank account, or you can use the Coinbase exchange to convert it to other cryptocurrencies. You can also withdraw the Bitcoin (or BTC) that you just purchased into your own personal wallet.